A tough time for the rich to preserve their assets as deflation takes over the economies of the world
Fred Day
Nov. 8, 2008

Deflation is in the air. It is making marks in every continent. The world is busy fighting the financial meltdown emanating from the mortgage meltdown in America. Deflation is eating away mutual funds, hedge funds, retirement funds, real estate funds, private equity funds, commodity funds – you name it; everything except US Dollar index is losing value rapidly.

Billionaire Warren Buffett's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in more than a decade, as hurricanes hurt returns at insurance operations and investments lost value.

Third-quarter net income decreased 77 percent to $1.06 billion, or $682 a share, from $4.55 billion, or $2,942, a year earlier, the Omaha, Nebraska-based company said yesterday. Further declines in debt and equity markets reduced shareholders equity, a measure of assets minus liabilities, by $9 billion in October, after the quarter ended.

It is just an example of how the rich and so-called ‘connected’ with easy access are losing money right and left. According to a quantitative model, America may lose 70% of its billionaires to just millionaires in the next three years.

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